Property Insurance Coverage Law

AUGUST 6, 2024

Florida’s property insurance market is facing unprecedented challenges, leaving policyholders with inadequate coverage at significantly higher rates. The term “shrinkflation,” commonly associated with consumer goods, is now being used to describe a troubling trend in the insurance industry.

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Property Insurance Coverage Law

AUGUST 28, 2024

An “other insurance” clause is a provision found in property insurance policies that establishes how a loss is to be apportioned among insurers when more than one policy covers the same loss. The original purpose of an “other insurance” clause is debatable.

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Property Insurance Coverage Law

AUGUST 17, 2024

The homeowners property insurance landscape is shifting rapidly, driven by advancements in artificial intelligence (AI) and surveillance technology.

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Property Insurance Coverage Law

AUGUST 18, 2024

Property damage insurance claims funding by factoring companies is a relatively recent phenomenon in the property insurance claims industry.

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Insurance Journal

SEPTEMBER 2, 2024

And he may be the best friend the Florida property insurance industry has. He’s been called “eccentric,” a “do-gooder,” a “troublemaker” and a whistleblower. A mechanical engineer based in Edgewater, George Miles has filed formal complaints with the Florida Board …

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Property Insurance Insurance Industry Insurance Insurer 306

Insurance Journal

JULY 11, 2024

California Insurance Commissioner Ricardo Lara today ordered insurers to preserve residential property insurance coverage for roughly 46,000 policyholders affected by the Thompson Fire in Butte County. The move follows an emergency declaration over the fire from Gov. Gavin Newsom on …

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Property Insurance Coverage Law

OCTOBER 2, 2024

Recent investigative reporting by CBS’s 60 Minutes, noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, has exposed alleged widespread underpayments of claims and unethical claims practices in Florida’s property insurance industry.

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Property Insurance Centre

OCTOBER 18, 2024

How the Climate Crisis is Impacting the UK Property Insurance Market in 2023-2024 The UK property insurance market is increasingly being reshaped by the climate crisis , with extreme weather events such as storms and flooding becoming more frequent and costly. billion in property claims, marking a historic high.

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Property Insurance Coverage Law

SEPTEMBER 30, 2024

In a shocking exposé aired last night on CBS’s 60 Minutes, allegations of widespread insurance fraud by insurance companies following Hurricane Ian were exposed.

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Insurance Journal

AUGUST 18, 2024

By Patrick Wraight A recent Insurance Journal article decried the state of insurance for churches and it’s mostly about their property insurance issues and we all know that the property insurance space has struggled in recent years, especially in storm-prone …

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Property Insurance Coverage Law

OCTOBER 10, 2024

When your home is damaged, it’s natural for most homeowners to call their insurance agent. But insurance agents don’t handle claims. Your agent is usually the first person who comes to mind because they sold you the policy. That job belongs to an adjuster.

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Protect Commercial Insurance

OCTOBER 4, 2024

But what does this mean for property owners and their insurance needs? As interest rates creep up, they can have a surprising ripple effect on property insurance costs. Recent years, however, have seen gradual rises, sparking concerns in many sectors, including real estate and insurance.

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Simply Insurance

SEPTEMBER 6, 2024

The annual rental property insurance rates by state for a rental property is $1,516 per year. See how your state compares to the national average.

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Property Insurance Coverage Law

AUGUST 23, 2024

I embarked on a journey from the sun-soaked shores of Tampa to the hallowed halls of the Insurance Library Association of Boston with visions of endless shelves brimming with insurance maps and dusty 19th-century … The post The Boston Insurance Library appeared first on Property Insurance Coverage Law Blog.

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Property Insurance Insurance Insurer Insured 199

Insurance Journal

AUGUST 9, 2024

Reports from Gallagher Re and the Florida Office of Insurance Regulation suggest that Tropical Storm Debby will not be a heavy lift for property insurers and reinsurers. “Early assessments suggest wind-related physical damage (is) not as extensive as initially feared,” …

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Insurance Journal

AUGUST 7, 2024

If a property insurer is going to object to an appraisal panel member’s fee arrangement, it must do so early in the process – not after the panel provides an unfavorable, multimillion-dollar appraisal award. That was the word this week …

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Property Insurance Insurance Insurer Insured 299

Property Insurance Coverage Law

SEPTEMBER 13, 2024

William Rabb of the Insurance Journal wrote an article, Study Stirs Debate on Real Impact of Litigation, Fraud on Property Insurance.

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Property Insurance Coverage Law

OCTOBER 3, 2024

Filing a property insurance claim can feel unfamiliar to many. Stay Organized After filing your claim, keep all … The post What to Do After Filing the Insurance Claim appeared first on Property Insurance Coverage Law Blog.

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Property Insurance Coverage Law

OCTOBER 18, 2024

Amy Bach‘s recent LinkedIn post yesterday highlighting concerns about excessive compensation in the insurance industry has struck a chord with many policyholders and consumer advocates. Bach raised these issues in a panel discussion at the American Academy of Actuaries.

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Property Insurance Coverage Law

OCTOBER 4, 2024

National Flood Insurance claims are notoriously complex and exacting. Most policyholders are unaware that National Flood claims are among the most difficult property insurance claims to handle correctly, and that the National Flood Insurance adjuster has limited authority.

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Property Insurance Coverage Law

AUGUST 28, 2024

This morning’s post, “What Is an “Other Insurance” Clause and Why Do They Exist In Property Insurance Policies?” raises the question: “How do I deal with ‘other insurance’ clauses?”

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Property Insurance Coverage Law

SEPTEMBER 11, 2024

A judge in a Mississippi case 1 recently ordered the parties to appraisal, noting: The lawsuit concerns only property insurance coverage for buildings, referenced as the ‘A1 coverage,’ … The post Are Insurers Using “New Construction” Xactimate Settings Wrongfully Underpaying Claims?

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Insurance Journal

JULY 21, 2024

A 2% surcharge on property insurance policies, mandatory fees on the oil and gas industries, and holding a public referendum are ways a public-private group formed in the aftermath of Superstorm Sandy recommends to pay for projects to protect New …

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Property Insurance Insurance Policy Insurance Insurer 262

The Property Insurance Law Observer

OCTOBER 16, 2024

In the recent decision Universal Property & Casualty Insurance Co. The court emphasized that under both the insurance policy’s plain language and Florida Statute §627.7011(3)(a), payment of replacement cost value is contingent upon the actual completion of repairs.

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Property Insurance Coverage Law

SEPTEMBER 28, 2024

Many insureds and even insured representatives have never dealt with a flood insurance claim and the intricacies of the National Flood Insurance Program. Resources are available at … The post Navigating Flood Insurance Claims from Hurricane Helene appeared first on Property Insurance Coverage Law Blog.

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Property Insurance Coverage Law

SEPTEMBER 27, 2024

The APA notice states that “a disturbing scandal” uncovered by Merlin Law Group attorney Steven Bush and the APA resulted in whistleblowers reporting on insurance … The post CBS 60 Minutes to Run Story Regarding Altered Insurance Estimates Resulting in Fraudulent Underpayments to Policyholders appeared first on Property Insurance Coverage Law (..)

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Property Insurance Coverage Law

OCTOBER 13, 2024

In an era of rising sea levels, intensifying and more frequent storms, and escalating construction values, the National Flood Insurance Program (NFIP) stands as a critical bulwark against the financial devastation wrought by flooding.

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Property Insurance Coverage Law

OCTOBER 11, 2024

In the wake of the devastating Hurricanes Helene and Milton that recently struck Florida and neighboring states, policyholders are facing the daunting task of rebuilding their lives and navigating complex insurance claims.

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Property Insurance Coverage Law

OCTOBER 16, 2024

I was thinking about this while calling FAPIA Managing Director Nancy Dominguez to take down a wrong proof of loss form that some ignorant attorney had sent to a group as the proper NFIP proof of loss to be filed … The post Policyholders Beware of Whom You Hire Regarding Your National Flood Insurance Claim appeared first on Property Insurance (..)

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Property Insurance Coverage Law

AUGUST 14, 2024

That’s where business income insurance comes in. Business income insurance, also known as business interruption insurance, helps cover the loss of income … The post What Is Business Income Insurance? appeared first on Property Insurance Coverage Law Blog.

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Insurance Journal

AUGUST 4, 2024

By William Rabb Reinsurance in Florida’s long-stressed property insurance market was supposed to have stabilized this year – with only moderate rate increases and more availability. But those calmer waters apparently have not reached the mobile home market, and Florida …

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Property Insurance Coverage Law

AUGUST 18, 2024

Many policyholders forget that their insurance policy is a contract and is subject, with exceptions, to the usual laws of contract. An issue that frequently arises is whether the named insured is able to assign insurance proceeds under the policy to another.

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Property Insurance Coverage Law

SEPTEMBER 6, 2024

The home was subject to a mortgage … The post Man Sets Ex-Wife and House on Fire—Insurer Denies Innocent Co-Insured Recovery appeared first on Property Insurance Coverage Law Blog. Welch owned a home in Lynnwood, Washington, where the couple lived throughout their marriage.

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Property Insurance Coverage Law

AUGUST 29, 2024

Steve Coombs should be at least nominated for membership into the Insurance Nerds Hall of Fame. He read my post, What Is an “Other Insurance” Clause and Why Do They Exist In Property Insurance Policies? and sent Mara Essick and me numerous articles about “other insurance” clauses.

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Property Insurance Insurance Insurer Insured 153

Bankers Insurance

AUGUST 8, 2024

THE IMPORTANCE OF ACCURATE VALUATION IN COMMERCIAL PROPERTY INSURANCE When purchasing or renewing commercial property insurance , it’s important for businesses to ensure their coverage includes correct property valuations. That’s where accurate insurance-to-value (ITV) calculations come into play.

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Property Insurance Coverage Law

AUGUST 15, 2024

Insurance companies claim that when claims numbers are simply made up, that act constitutes fraud. If that is so, then insurance company fraud statistics are a fraud. Klein in the Journal of Insurance Regulation, The … The post Insurance Fraud Cost Statistics Are a Fraud appeared first on Property Insurance Coverage Law Blog.

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Jackson & Jackson

MAY 22, 2024

Investors must understand the importance of securing comprehensive commercial property insurance coverage to protect their investments. This article aims to provide an in-depth overview of ensuring multi-unit commercial properties in California, highlighting key considerations for investors.

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